(MENAFN- GlobeNewsWire - Nasdaq) SAN FRANCISCO, Dec. 16, 2024 (GLOBE NEWSWIRE) -- On December 4, 2024, automation technology company Symbotic Inc. (NASDAQ: SYM) filed restated financial statements for the quarters ended December 30, 2023, March 30, 2024, and June 30, 2024 (the“restatements”).
Each of the restatements contained adjustments to its previously filed financial reports for those periods that demonstrate Symbotic had significantly: (1) overstated its systems revenue; (2) overstated its gross profit; (3) understated its operating loss; and (4) understated its net loss making significant adjustments to its previously filed interim financial reports.
The restatement comes on the heels of a securities fraud class action lawsuit challenging Symbotic's alleged improper accounting.
Hagens Berman has opened an investigation and urges investors in Symbotic shares who suffered substantial losses to submit your losses now .
Class Period: Feb. 8, 2024 – Nov. 26, 2024
Lead Plaintiff Deadline: Feb. 3, 2025
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Securities Class Action Against Symbotic Inc. (SYM):
The litigation challenges Symbotic's repeated assurances to investors of the integrity of its financial reporting while concealing improper revenue recognition practices. Specifically, the complaint accuses Symbotic of inflating its financial performance by accelerating revenue recognition in its 2024 statements, misleading investors about the company's true health.
The truth emerged on Nov. 27, 2024, when Symbotic revealed errors in its revenue recognition related to unbillable cost overruns. These errors impacted all quarters of fiscal year 2024, with the company estimating a combined reduction of $30 to $40 million in system revenue and other key financial metrics.
Adding to the concerns, Symbotic admitted to weaknesses in its internal controls over financial reporting, raising questions about the company's oversight practices.
Prominent shareholder rights firm Hagens Berman is investigating the allegations to determine whether these accounting errors were intentional attempts to manipulate the company's financial performance.
“Symbotic's accounting practices have come under scrutiny, with allegations of improper revenue recognition and internal control weaknesses. These issues have raised serious concerns about the company's financial health and future prospects,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Symbotic and have substantial losses, or have knowledge that may assist the firm's investigation, submit your losses now .
If you'd like more information and answers to frequently asked questions about the Symbotic case and our investigation, read more .
Whistleblowers: Persons with non-public information regarding Symbotic should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ... .
About Hagens Berman
Hagens Berman is a global plaintiffs' rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman's team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com . Follow the firm for updates and news at @ClassActionLaw .
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Reed Kathrein, 844-916-0895
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